Identity fraud in India Accounts for 77 % of all Fraud. Velix.ID is the Smart Solution

Many people flaunt their lives on social media without bothering their privacy settings. Fraudsters are always stalking the internet stealing people’s identity for financial gains – identity theft – which is the crime of the new millennium.

Identity theft and fabricated theft have contributed about three – fourths of the total fraud cases. Fraudsters creep around on the internet for your security details such as names of parents Date of birth, School, place of residence, and college details. People between the ages of 25 to 64 are more prone to identity theft because at this age people feel the need to connect with friends and families on social media.

Mr. Jayaraman noted that “The rise of social media makes identity fraud a giant threat to the industry. People should be alert to calls soliciting personal details and phishing emails”. Fraudsters are highly skilled and resourceful.

Here are some exciting CASE STUDIES

Every minute more than 19 people become victims of identity theft. Falsification of address proof is a common habit between fraudsters. Hiding of adverse credit card is popular conduct in the automotive loan category followed by a mortgage loan. The mortgage portfolio has seen a 50% increase in fraud rate.

Frauds of applicants submitting fraudulent information have increased by 3%. Auto loans, credit cards, and mortgage loans have experienced the highest number of fraud cases. Identify theft make-up for more than 77% of the fraud cases in India.

Warning signs of Identity theft fraud

Identity theft victims are ignorant of the indicators until after the incident. Here are some of the warning signs to look out for

  • Unexpected Verification calls, or emails from a bank or a service provider
  • Cases of Unsolved entries in your credit report.
  • Debits or bills on your bank statement for series you do not have
  • Unfamiliar purchases in your card statement

Velix.ID – The solution for digital privacy

Velix.ID Blockchain is a technology that increases consistency, reduces the need for trust and removes business and political risk. It creates a stage where companies can run together with complete transparency. It eliminates the need for businesses and individuals to share personal information.

Velix.ID uses the notion of Zero-knowledge proofs to guarantee that transactions are private and anonymous. Zero-knowledge proofs allow users to perform operations with a “mathematical proof” revealing little to no information.Velix.ID implements zero-knowledge confirmation with a digital signature – “a private key.” The private key can be converted into a “public key” with a standard algorithm.

Velix.ID blockchain will have the opportunity to strip blocks for each country according to the request of their government. In that case, the node on the Velix.ID blockchain must be geo-locked for that country.

The purpose of the private key is to sign a document and be sure that you signed the document. A digital signature is an MD5 or SHA 1 of the message encrypted with the signer’s private key. Everyone has access to the signer’s public key, but only the singer has access to his private key. So, for a file to be valid, the recipient must calculate the hash of the data, decrypts the digital signature, and compare the hashed value.  If the hashes do not match, it implies then the data is invalid.

Find out more about Velix.ID and our Crowdsale at our site

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